India will continue to buy oil from Russia, asserts S Jaishankar

India will prioritize its own energy needs and continue to buy oil from Russia, its foreign minister signaled Monday, as Western governments press Moscow with a price cap to squeeze its earnings from oil exports.

Minister of External Affairs Subrahmanyam Jaishankar made the comments after holding talks with his visiting German counterpart, Annalena Baerbock, in which they discussed bilateral relations and Russia’s war in Ukraine.

India has so far not committed to the $60-per-barrel price cap on Russian oil set by the Group of Seven major industrialized countries and European Union that is expected to come into effect Monday.

The move is an attempt by Western governments to limit fossil fuel earnings that support Moscow’s budget, its military and its invasion of Ukraine, while also avoiding a possible sharp price spike if Russia’s oil is suddenly taken off the global market.

Jaishankar did not make any direct reference to the price cap but said the European Union was importing more fossil fuel from Russia than India.